Yesterday it was announced that Gazprom had manage to secure the rights to the giant eastern Siberian Kovykta gas field, which will allow it to establish stronger export ties with China, for the somewhat bargainous price of $773 million.  Will Gazprom manage to succeed where former owner TNK-BP failed?  Richard Fletcher in today’s Telegraph says yes, and for reasons that were clear to Russia’s gas export monopoly from the very start:

The problem was that it wasn’t just BP (or City analysts) that recognised Kovykta’s potential. Gazprom had long had its eye on the asset.

In 2007 the Russian group tabled the first of a series of offers. Drawn out negotiations followed. But sealing a deal was never going to be easy.